Investor Presentaiton
Exchange rate exposure FY 2022/23 and hedging policy
Revenue FX exposure 2022/23(¹)
12 months exposure from 10% initial exchange rate drop (1)
Other
18%
EUR
36%
CNY, JPY, AUD, BRL & ARS
12%
14%
GBP
20%
USD
-490
USD
-220
-320
GBP
-220
HUF
130
Revenue (DKKm)
EBIT (DKKm)
Foreign exchange rate guidance for 2022/23
Currency
Average exchange rate
for FY 2021/22¹)
Spot rate,
May 09, 2023
Estimated average
exchange rate
2022/233
Change in estimated
average exchange rate
compared to last year
Average exchange rate
for 6M 2021/22
Average exchange
rate for 6M 2022/23
Key currencies:
USD
GBP
HUF
688
678
695
1%
657
711
878
855
852
-3%
883
849
1.97
2.00
1.94
-2%
2.04
1.87
Other selected currencies:
Change in average exchange
rates for 6M compared to 6M
last year
8%
-4%
-8%
Hedging Policy
To achieve the objective of a stable
income statement we hedge:
•
Key currencies e.g., USD, GBP, HUF
using forward contracts and
options. Not EUR.
On average 10-12 months
Selected balance sheet items in
CNY
105
98
100
-5%
103
102
-1%
JPY
5.54
5.03
5.12
-8%
5.71
5.20
-9%
foreign currency and part of the
AUD
490
458
468
-4%
477
477
0%
expected rolling 12-month cash
BRL
ARS²)
132
135
136
3%
122
136
11%
flows
5.16
2.97
2.97
-42%
6.01
3.28
-45%
Taking risk. vs. cost of hedging into
consideration
1) Average exchange rate from October 1 2021 to September 30 2022
2) The hyperinflationary economy in Argentina entails that results denominated in Argentinian Peso must be adjusted for inflation and be translated at the exchange rate of the balance sheet
day which was DKK 5.16 per ARS 100.00 at 30 September 2022, DKK 3.28 per ARS 100.00 at 31 March 2023, and DKK 2.97 at May 9 2023.
3) Estimated average exchange rate is calculated as the average exchange rate year for the first six months combined with the spot rates at 9 May 2023
62
ColoplastView entire presentation